For more insights and key statistics on the biggest trends in today's most disruptive industries, subscribe to our Chart of the Day newsletter.
Consumers are driven by value more than anything else. About two-thirds of consumers worldwide who had switched brands in the past year were looking for better deals. More than half were seeking better product quality.
Beyond the chart: Unsteady supply chains and rapid inflation are making it hard to build brand loyalty. Over the past year, 71% of consumers worldwide switched brands at least once. For private label brands and direct-to-consumer companies, this trend presents an opportunity to draw in cost-conscious shoppers—but brands will have to market beyond price to keep them.